ID: MRFR/E&P/8542-HCR | February 2021 | Region: Global | 111 pages
Battery recycling market size grows from USD 17.2 billion in 2020 to USD 24.50 billion by 2027 and register a sustained CAGR of about 7% from 2020 to 2027.
Growing environmental concern all over the world has made recycling of used products an essential task so as to respond to the global demand of reducing mankind’s carbon footprint in the long run. Other major reasons accounting for this substantial growth of the market during the forecast period will comprise of rising concerns regarding depleting precious and rare earth metals, growing demand for recycled batteries on the whole, and stringent government regulations and EPA (Environmental Protection Agency) guidelines aimed at reducing harmful emissions and reducing global pollution.
The battery recycling market growth is largely driven by rising concerns over battery waste disposal and strict government policies in light of the increased usage of lithium-ion battery. This increase in usage is attributable to the decline in lithium-ion battery prices and growing adoption of electric vehicles which largely depend on this battery type. The toxic waste that comes from manufacturing new batteries is much higher than the toxic waste generated while recycling them. That is a major reason many governments have introduced favorable regulations for this industry and these regulations are expected to have keep market trends growing upwards.
This report provides and in-depth analysis of battery recycling global market value and provides insights regarding the various factors expected to be prevalent and affect the global battery recycling industry throughout the forecast period taken various market dynamics into consideration.
With the widespread supply chain disruptions across the world and manufacturing processes hindered and/or suspended during the COVID-19 outbreak, the market growth was also hit. Issues such as labour shortages, raw material unavailability, stagnation of the global trade and subsequent delays in product installation in the market ecosystem have proven to be significant obstacles that the industry will have to adapt to. Delayed projects lead to increase in prices which, in turn, would further impede the market outlook. The report explains the impact at length and estimates the recovery time for the market growth in the near future.
The major players in this market are spread across the world and have adopted effective strategies of expansions like agreements, partnerships, acquisitions, contracts, collaborations, investments, new technology launches, and divestments to enhance their position in the market.
The major players in the global battery recycling market are as under:
The global battery recycling market trends, during the forecast year, will be driven by a growing environment awareness worldwide. While manufacturing batteries is a relatively inexpensive procedure as compared to recycling them, the overall negative environmental impact that comes with manufacturing them is driving the governments towards recycling projects. To facilitate the players in the market, the governments have launched favourable regulations and policies which will further expand the global market share in the coming years
Major growth opportunities for the global battery recycling industry lie in the technological advancements in the market. Innovative technological developments underway in this market will ensure creation of technologically advanced batteries being developed by manufacturers. These innovations are estimated to create massive growth opportunities which will be conducive for the global market outlook during the forecast period.
The escalation in demand and production of hybrid vehicles and electric vehicle will be seen creating massive growth for the batteries market globally. However, with new batteries creating copious amounts of toxic metal waste, a major application here can be of similar metals through recycling.
The raw materials used in manufacturing new lithium-ion batteries – highest selling form of batteries – are available at a low costs, whereas recycling the same leads to very high costs. This will be a major restraining factor for the global market.
Also adding to this restraint is the existence of strong supply chains of raw materials vis-à-vis a massive comparative lack of the same for the recycling market. The low yield related to battery recycling is also likely to restrain the growth of the market in the coming years.
The global battery recycling market revenues will face a big challenge owing to the protection concerns associated with storehouses and the shipping of used batteries for recycling purposes. Growing focus on lithium ion battery recycling is a major recent global market trend observed in the recent years and various complications related to recycling the lithium-ion batteries, in the absence of relevant technologies, are also expected to hamper the overall market growth during the forecast period.
Spent lead-acid batteries (LABs), widely scrapped from automobiles and electric bicycles, comprise solid waste and are classified as hazardous materials in many countries. Their disposal has become a significant global environmental concern. When car batteries and other lead-acid batteries are discarded in landfills, these toxic substances can leak into the environment. Therefore, recycling lead-acid batteries, while a rigorous process, is necessary to ensure that the different parts are safe to reuse after recycling.
With the depletion of high-quality lead ores, extraction costs are increasing exponentially hence, the global metallurgical industry is now focussing on recycled batteries as a significant secondary lead source globally
This battery recycling market analysis report categorizes the market based on chemistry, source, processing state, and region.
The Asia Pacific region will be seen leading the market during the forecast period with the highest projected CAGR. An increase in the demand for electric vehicles and increasing environmental regulations in the APAC countries will be responsible for the growth of the Asia Pacific market. This market will be majorly driven by China, India, Japan, and South Korea.
Europe has always dominated the global market and a majority of its demand comes from countries like the United Kingdom, Germany, and Russia. In fact, Germany has retained its market leader position for lead-acid battery across Europe. Besides domestic consumption, Germany has also remained a regional hotspot for the trade of lead-acid batteries across the world.
The demand for battery cells in an environment friendly Europe is expected to exceed 300 GWh by 2026 – a growth attributable to the swift development in the electrification of transportation solutions owing to the European car OEMs. This will provide a massive boost and drive the market in Europe during the forecast period.
This battery recycling market analysis report provides an in-depth analysis of the market forecast along with the current and future market trends. Some major factors that this report looks into at length are:
|Market Size||2027: USD 24.50 billion by 2027|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Chemistry, Application and Source|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Call2Recylce, Inc. (US), Exide Technologies (US), Battery Solutions, LLC (US), Umicore (Belgium), Exide Industries Ltd (India), Contemporary Amperex Technology Co. Ltd (CATL) (China), Aqua Metals, Inc. (US), Enersys (US), Johnson Controls International plc (US), Retriev Technologies, Inc. (US), Gravita India Ltd (India), Ecobat Logistics (US), Fortum Oyj (Finland), Teck Resources Limited (Canada), American Manganese Inc. (Canada), Neometals Ltd (Australia), and TES-AMM Singapore Pte Ltd (Singapore)|
|Key Market Opportunities||stringent government regulations and EPA (Environmental Protection Agency) guidelines aimed at reducing harmful emissions and reducing global pollution|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global market is predicted to grow at a 6.25% CAGR between 2020- 2027.
The global market is predicted to reach USD 25.10 billion by 2027.
Asia Pacific will lead the global battery recycling market.
Demand for recycled batteries and focus to reduce environmental protection are the key factors driving the global battery recycling market growth.
Key contenders profiled in the global battery recycling market include Call2Recylce, Inc. (US), Exide Technologies (US), Battery Solutions, LLC (US), Umicore (Belgium), Exide Industries Ltd (India), Contemporary Amperex Technology Co. Ltd (CATL) (China), Aqua Metals, Inc. (US), Enersys (US), Johnson Controls International plc (US), Retriev Technologies, Inc. (US), Gravita India Ltd (India), Ecobat Logistics (US), Fortum Oyj (Finland), Teck Resources Limited (Canada), American Manganese Inc. (Canada), Neometals Ltd (Australia), and TES-AMM Singapore Pte Ltd (Singapore).